It has been a tumultuous 2021 with the coronavirus pandemic highlighting the vulnerability in our system, causing undesirable lifestyle changes with working from home being the biggest shift to date. A lot of us also realized the importance of having safe reserves to help us weather through these turbulent times, especially for prospective property buyers that are looking to get a condo in Batu Caves, where it is best known for the prominent pilgrimage site for Hindus all around the world.
However, just like the pandemic has highlighted the vulnerabilities in our system, it has also presented itself with opportunities that we can capitalize on. If you are in the market to get a condo in Batu Caves in the year 2021, here are some facts that you should not overlook.
Batu Caves Condominium: Now or Never
The year 2021 was a year of many firsts from the initial postponement of the Olympics since 2020 to a structural change of how people are adopting work from home culture, shutting down of leisure activities, and many more. All of these have led to the fact that home as a safe haven will always be the primary factor in our lives. Not our cars, not our offices, but our homes. Which is why the year 2021 has presented itself with so many bargains in the market that it makes one question, if not now, then when?
The most notable change is from a holistic switch from a high-interest rate environment to a low-interest-rate environment. Such a drastic change is not unique to Malaysia only and is a global phenomenon; these are essentially expansionary measures by various monetary authorities around the world.
Bank Negara Malaysia has decided to drop the Overnight Policy Rate (OPR) to 1.75%, a record low. It is important to note that the higher the OPR is, the more expensive it is to borrow money. Said differently, a lower OPR also means banks are less cautious about lending and thus easier to obtain approval for housing loans.
This is one of the key facts why 2021 is the bargain year to get a condo in Batu Caves; the savings from a mere 0.50% difference in OPR can net you bountiful savings that can be used for renovating your dream home.
Incentives in 2021 generate attention for condos in Batu Caves
Aside from efforts by central banks, property developers are also hard at work by working with bankers to develop innovative financing plans. Mah Sing’s Eazy to Own campaign partnering with Maybank’s HouzKEY solution can provide buyers with easy entry of up to 100% financing and affordable monthly installments.
Beyond that, the government is also working on stimulating the property market by offering an extension of the previously implemented Home Ownership Campaign (HOC) until the end of 2021. The HOC is a government initiative designed to support homebuyers looking to purchase a property. Among the notable benefits that it offers are:-
- Full stamp duty exemption till RM1 million for purchase of residential homes priced between RM300,000 to RM2.5million
- Exemption on the instrument of transfer for the first RM1 million of the property price
- Full stamp duty exemption on the loan agreement
A new condo that costs RM400,000 in Batu Cave will effectively save you around RM13,000 under HOC itself.
Central Figure of Property Market Expecting Recovery Soon
According to data released by the National Property Information Centre (NAPIC), the residential property segment in the price range of RM400,001 to RM500,000 actually grew by 28.5% in the first quarter of 2021 compared to the last quarter of 2020. While it is a general consensus that the property market suffered a downturn in 2020 due to the pandemic, experts and statistics show that the decline in demand is not expected to prolong given the impending economic recovery. With that in mind, 2021 is no doubt the year to get your dream condo in Batu Cave.
Developed with quality of life features while surrounded by notable infrastructures, Mah Sing continues to leverage on their extensive development experiences to introduce the up and coming M Luna in Kepong. Sitting on a huge plot of land measuring 5.47 acres, M Luna can be easily afforded with a beginning sales price of RM385,000 per unit, or approximately RM550 per sq ft; Mah Sing has once again proven that luxury living can be affordable with M Luna.
Citations:
https://www.propertyguru.com.my/property-guides/home-ownership-campaign-hoc-2020-all-you-need-to-know-15274
https://www.propertyguru.com.my/new-property-launch/reviews/m-luna-kepong-206633#project
https://napic.jpph.gov.my/portal/web/guest/main-page?p_p_id=ViewStatistics_WAR_ViewStatisticsportlet&p_p_lifecycle=2&p_p_state=normal&p_p_mode=view&p_p_resource_id=fileDownload&p_p_cacheability=cacheLevelPage&p_p_col_id=column-2&p_p_col_count=1&fileURI=20716
